Buy - Price 13.95 on Aug. 19
by Wedbush Morgan Securities

While we are lowering estimates due to a soft Q2 and lowering our price target to 18, from 23, we see value at current levels; our target is based on our [discounted cash flow] analysis and represents a 15 times multiple on our [fiscal-year] '09 EPS estimate of $1.19, a 29% discount to our long-term EPS growth estimate of 21%, which we believe is fair given the solid balance sheet, but ongoing filing delays. Market cap: $3.4 billion.

JPMorgan said it is downgrading Comverse Technology (CMVT) to Neutral from Overweight following announcement that financial restatement will again be delayed, to perhaps 2009. See limited near-term upside as uncertainty continues.

Upgraded by Oppenheimer from Neutral to Buy

Upgraded by JP Morgan from Neutral to Overweight

Upgraded by Friedman Billings from Mkt Perform to Outperform

Upgraded by Robert W. Baird from Neutral to Outperform

Upgraded by RBC Capital Mkts from Sector Perform to Outperform

Downgraded by Punk, Ziegel & Co from Buy to Mkt Perform

buy consideration

A natural candidate for acquisition, artifically discounted b/c of options issues and fraudulent former execs.